Crypto shock for investors after CEO with $145 mn passwords dies in India

cryptocurrency dies in India

New Delhi: While exposing the risks in the poorly regulated cryptocurrency market, the death of entrepreneur Gerald Cotton in India, who owns Canada’s largest cryptocurrency exchange, Quadriga has left thousands of investors in a controversial position.
Died in a hospital in Jaipur in December, which has put Quadriga in jeopardy and is struggling to find out how to refund more than 100,000 users, because it has 145 million dollars of bitcoin and Access to other digital assets was.
With his death, passwords that unlock the cryptocurrency have gone now because their laptops and smartphones are highly encrypted.
CNN said, “Many digital currencies maintained by Quadriga are known as ‘cold wallets’, which is a way to protect against hackers.
30-year-old Cotton died due to Crohn’s disease during a visit to India.
Quadriga said in his statement, “For the past weeks, we have worked extensively to solve the issues of our liquidity, which includes an effort to keep our key cryptocurrency reserve in the cold and keep it safe. These efforts have not been successful. ” Website.

Cotten’s widow, Jennifer Robertson, posted online in the affidavit, said that the laptop used to run currency exchange is encrypted.
“I do not know the password or the recovery key. Despite being searched repeatedly and diligently, I am not able to write them anywhere,” she said.
The BBC reported that the company has hired an investigator to see if any information can be retrieved but the ongoing efforts have got “limited success in recovering some coins” and Cotton’s computer and phone Got some information from
The Canadian High Commission in New Delhi told CNN that it was aware of Cotan’s death and had “provided consular support”, but refused to disclose further details.